Global Warranty Management Software Market - Introduction

  • Warranty management software or platform is specifically designed to overcome the challenges faced by manufacturers regarding warranty claims processing. Warranty management software enables processing, administration, and tracking of entire warranties throughout the product lifecycle. The software improves customer satisfaction and also significantly reduces service cost as well as enhances product quality.
  • Warranty management software incorporates various features such as claim management, warranty intelligence, administration management, and service contract. These features are helpful in eliminating warranty claim cycle period and removing claim errors as well.

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Impact of Coronavirus (COVID-19) on the Warranty Management Software Market

Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a negative impact on the warranty management software market. Lockdowns have forced most enterprises to shut down their manufacturing or operations due to the growing demand to enforce social distancing because of the highly contagious nature of Coronavirus (COVID-19).

Increasing Focus on Quality Management among Manufacturers Driving the Global Warranty Management Software Market

  • Competitive environments worldwide encourage enterprises and manufacturers to produce better quality products at reasonable cost. Manufacturers become successful only when they produce or manufacture quality products instead of focusing on quantity, thus attracting customer loyalty recurrently and increasing their productivity.
  • The numerous quality management systems and models makes it easy for manufacturers to handle & manage product quality concerns efficiently. Six Sigma or Total Quality Management (TQM) helps produce and manufacture high quality products by removing deficiencies in systems or processes in manufacturing units. Therefore, quality is a crucial parameter for manufacturers to stand apart from competitors in the market. Quality establishes differences in systems & processes, and helps manufacturers to produce better quality products. Some of the significant features of quality management includes innovative quality process planning, inventory inspections and statistical process control, cost of product quality, customer & material supplier analysis, and audit trails.
  • According to the Product and Service Innovation Survey, 2019, nearly 38% of manufacturers focus more on service life-cycle management (SLM) to increase service-related revenue, capture & undertake best practices, and access service knowledge, to ensure quick response to maintain product quality & customer complaints.
  • Rising adoption of cloud–based solutions rather than on-premise solutions among enterprises is driving the warranty management software market.

Lack of Awareness Regarding Advanced Technologies, Specifically across Developing or Underdeveloped Economies Expected to Hamper the Market

  • In developing or underdeveloped economies, manufacturers are still working and implementing traditional warranty management tools instead of advanced platforms due to lack of proper infrastructure and ignorance about novel technologies.
  • Therefore, lack of awareness regarding advanced technologies across developing or underdeveloped economies is expected to hamper the global warranty management software market.

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North America to Account for Major Share of the Global Warranty Management Software Market

  • In terms of region, the global warranty management software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • North America is anticipated to account for major share of the global warranty management software market during the forecast period due to major presence of leading players and rising demand for cloud-based warranty management software in the region, indicating potential growth of the market. Europe is expected to be the second largest market for warranty management software from 2020 to 2030.
  • Asia Pacific is projected to be a rapidly growing market for warranty management software during the forecast period due to increasing automation in industrial sectors such as automotive, and food & beverages, specifically in India, Japan, and China.

Key Players Operating in the Global Warranty Management Software Market Include:

  • Astea International, Inc.
  • Industrial and Financial Systems (IFS) AB
  • Infosys Limited
  • International Business Machines (IBM) Corporation
  • Oracle Corporation
  • Pegasystems Inc.
  • PTC Inc.
  • SAP SE
  • Tavant Technologies, Inc.
  • Wipro Limited
  • Others

Global Warranty Management Software Market: Research Scope

Global Warranty Management Software Market, by Component

  • Solution
    • Administration Management
    • Claims & Settlement Management
    • Recovery Management
    • Contract Management
    • Business Intelligence
    • Transaction Management
  • Services
    • System Integration & Customization
    • Consulting & Implementation
    • Support & Maintenance

Global Warranty Management Software Market, by Software Deployment

  • Cloud
  • On-premise

Global Warranty Management Software Market, by Industry

  • Manufacturing
  • Automotive
  • Healthcare
  • Aerospace and Defense
  • Food & Beverages
  • Consumer Goods
  • Consumer Electronics
  • Others

Global Warranty Management Software Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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